Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what budget his Department has allocated to the creation of the award tiers as part of the new Fair Payment Code.

The Fair Payment Code is administered by the Office of Small Business Commissioner on behalf of the Department of Business and Trade. The Office of the Small Business Commissioner is grant in aid funded by the Department and in 2023/24 received £1.148m in grant funding. As had previously occurred with the Prompt Payment Code, the Fair Payment Code’s operation will be funded from the Office of Small Business Commissioner’s existing budget.